DUBAI, March 3 (Reuters) - Jeddah-based Islamic Development Bank has set final price guidance for a dollar-denominated sukuk issue of five years duration, which it plans to sell later on Thursday, a document from arrangers showed.

Guidance has been set at 50 basis points over midswaps, according to the document.

Islamic Development Bank on Wednesday opened books and set initial price thoughts in the range of mid-to-high 50s bps.

The benchmark-sized offering has received orders worth $1.4 billion from investors so far, of which $190 million came from the joint lead arrangers, the document showed. Benchmark size is traditionally understood to mean in excess of $500 million.